AARP Financial Savings Center cut the rates today on both its High Yield Savings account and its Jumbo Secure Money Market account. The new yield is 4.05% APY for both. The Jumbo MMA yield had been 4.75% APY, and the savings account yield had been 4.50% APY. The new rate will only apply to accounts opened from today. Those who had accounts opened prior to today are still getting the old yields. They will be grandfathered in for now, but there’s no guarantee how long this will last.

Account Features:

The savings account and money market account share the following features:

• AARP membership is required
• Initial funding can be done by check or wire transfer
• Wire transfers: free incoming, $20 outgoing
• ACH transfers cost $2 via MoneyHQ service for incoming and outgoing
• MoneyHQ ACH in/out transfers limited to $5K/day and $35K/mo
• ATM card with $4.50/mo in reimbursements
• Only a soft credit pull

Savings Account features:

• $1 minimum opening deposit
• No monthly service charges

Money Market Account features:

• $200 minimum opening deposit
• $10/mo fee if balance falls under $200
• Check writing

Interest Checking Account features:

• $50 minimum initial deposit
• No monthly service fees for balances over $25
• First 25 online bill payments per month are free
• ATM card with $6/mo in reimbursements